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Notice 196 days

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    #32
    utmbuilder
    Registered Users Posts: 471 ✭✭utmbuilder


    investing and making money from money is complicated business, property is not a an easy route these days


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    #33
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Dav010 wrote: »
    People who bought 16 years ago are “Johnny come-latelys”?

    €64k for a one bed apartment was quite a lot in 1995, interest rates were 7%

    Section 23 does not reduce the price of a property, in fact it often increases it as it allows the buyer to get tax relief on rental income so these types of properties often had inflated purchase prices. The tax relief only applied if the property was rented out immediately after purchase rather than being owner occupied and there was a significant claw back of the relief if sold within a certain period, I think it was 10 years.
    Property is a long term investment. There has been very little buy to let since 2008. The years between 2003 and 2008 are the pweriod when the Johnny come Lately's appeared. At the end of the party. Buying when interest rates were 7% now means that the landlords are paying little or nothing in repayments against which there are much higher rents. 500 per month is now then is now 1500. when has it been better?
    Who said anything about €64K.


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    #34
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Claw Hammer wrote: »
    Property is a long term investment. There has been very little buy to let since 2008. The years between 2003 and 2008 are the pweriod when the Johnny come Lately's appeared. At the end of the party. Buying when interest rates were 7% now means that the landlords are paying little or nothing in repayments against which there are much higher rents. 500 per month is now then is now 1500. when has it been better?
    Who said anything about €64K.

    What is wrong with wanting to earn money? It doesnt matter what they paid for them x years ago. All that matters is that right now, you have an asset worth y and generating z. Is it worth your time,money and hearth ache to continue down this path. When you invest, you will loose and win at different points in your life. If you idle on the past, you will never move forward and your not a good investor as a result. Some people could have a 100k in a loss of a house/share and they hold on hoping to break even instead of just realising that loss and then reinvesting elsewhere.

    If they have a house that is now fully paid off, yes they should be earning some money, whats honestly wrong with that? They have put blood sweat and tears into it for the bulk of 2-3 decades and you reap what you sow. A lot of people begrudge others doing better than them or people who make sacrifices and dont spend all their money on drink, holidays abroad or a new car every 3 years.

    You seem to be dodging the question that davo ask earlier.. If they have it so good why is there a total declining market of available rentals?


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    #35
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Claw Hammer wrote: »
    Property is a long term investment. There has been very little buy to let since 2008. The years between 2003 and 2008 are the pweriod when the Johnny come Lately's appeared. At the end of the party. Buying when interest rates were 7% now means that the landlords are paying little or nothing in repayments against which there are much higher rents. 500 per month is now then is now 1500. when has it been better?
    Who said anything about €64K.

    The average investment mortgage term is 25 years, how could someone who bought 16 years ago, nearly 2 thirds the average length of a mortgage be a “JCL”? It’s nonsense.

    In 1995 you were buying in punts, £50k would be over €64k including fees. Simples.


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    #36
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Fol20 wrote: »
    If they have it so good why is there a total declining market of available rentals?

    Because the regulatory regime is completely and utterly toxic for landlords.
    Yes, they've never had it so good (in terms of potential financial gain)- however, it has also never had the sort of risks associated with it that it currently has.

    We'll have the 2018 RTB annual report come July- its going to make interesting reading.......


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    #37
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Fol20 wrote: »
    What is wrong with wanting to earn money?

    Who said there was?


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    #38
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Claw Hammer wrote: »
    Who said there was?

    You appear to be complaining that their rent has gone from 500 to 1500 etc


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    #39
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Fol20 wrote: »
    You appear to be complaining that their rent has gone from 500 to 1500 etc

    I am not complaining. I am observing.


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    #40
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Dav010 wrote: »
    The average investment mortgage term is 25 years, how could someone who bought 16 years ago, nearly 2 thirds the average length of a mortgage be a “JCL”? It’s nonsense.

    In 1995 you were buying in punts, £50k would be over €64k including fees. Simples.

    Someone who bought in 2003 bought into a story that the only way is up. Investors who bought in 1995 bought in at a ;ow point. They are not complaining
    now. They have never had it so good. I have looked at the Allsop/Bidx1 online auctions for a few years. Most of the sales are receiver sales and the mortgages were taken out or were remortgages in 2007 in a vast percentage of the properties listed.


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    #41
    pc7
    Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 14,121 Mod ✭✭✭✭pc7


    utmbuilder wrote: »
    in my experience landlords always giving shining references to get you out of their houses. giving the poster a bad reference when she is stuck in his house would not really be in his interest.


    Some are now asking for references from last two landlords to overcome this.


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    #42
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    pc7 wrote: »
    Some are now asking for references from last two landlords to overcome this.

    Thats exactly what i do if im up in the air about a new tenant. If they decline, its one other way to remove them from the list.


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    #43
    mrslancaster
    Registered Users Posts: 1,813 ✭✭✭mrslancaster


    Fol20 wrote: »
    Thats exactly what i do if im up in the air about a new tenant. If they decline, its one other way to remove them from the list.

    Fair enough if they decline but what if it's their first time renting or they only have one previous LL?

    Do LL's here ever ask for guarantors, say from parents? Afaik that happens in other countries.


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    #44
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    mrslancaster wrote: »
    Fair enough if they decline but what if it's their first time renting or they only have one previous LL?

    Do LL's here ever ask for guarantors, say from parents? Afaik that happens in other countries.

    Well if i have multiple people interested, i need to separate them if they are close relative to other aspects of their cv. Yes its basically tough luck if its their first time renting.

    College accommodation sometimes looks for guarantors. Id be ok with a guarantor if it actually meant anything in the legislation. Its difficult enough to get money directly off the tenant let alone a third party.


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    #45
    martyoo
    Closed Accounts Posts: 872 ✭✭✭martyoo


    Fair enough if they decline but what if it's their first time renting or they only have one previous LL?

    That's not the LL's problem. They can be fussy in this market and should be too considering how hard it can be to get bad tenants out.


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    #46
    mrslancaster
    Registered Users Posts: 1,813 ✭✭✭mrslancaster


    martyoo wrote: »
    That's not the LL's problem. They can be fussy in this market and should be too considering how hard it can be to get bad tenants out.

    Fair point but we all have to start somewhere.

    agree that both LL's and tenants need to protect their interests and if the rules are pro tenant as many think then LL's need to stick exactly to the rules to reduce their risk.

    for instance in the OP both were at fault - the LL didn't give the required statutory declaration & the tenant didnt dispute it within the allowed time.

    of course they can agree between themselves that the 196 days NOT is ok but if that can be challenged later on then the 'LL has a risk and has to decide. everyone needs to stick exactly to the rules to cover themselves.

    Renting was very different years & everyone has to adapt. iirc, it was more relaxed and there was a bit of trust on both sides. Or maybe we were just lucky.


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